What is a “settled” transaction? When are transactions settled?

Although authorization is performed at the time you charge the card,
typically charges are submitted in a batch once per day for
“settlement,” which starts the process of getting the money into
your bank account. Once a transaction is settled, it can no longer
be voided.

If you’re using Stripe (our default plan after January 3rd, 2014),
settlement happens automatically every day at midnight UTC, which is
4pm Pacific Standard Time / 5pm Pacific Daylight Time.

If you’re using Authorize.Net (our default plan prior to January
3rd, 2014), settlement happens automatically each day at a time
called the “Transaction Cut-Off Time”, which you can configure at
the Authorize.Net website. Here’s how: